Stanley Black & Decker (SWK) FY2023 results: revenue $15.8 billion, down 6.9% on the year

Stanley Black & Decker, Inc. (SWK) reported revenue of $15.8 billion for fiscal 2023, the year ended 30 December 2023, down 6.9% on the year before. Net income was -$310 million, and diluted earnings per share $-2.07. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2024.

Revenue

$15.8 billion

-6.9% on the year

FY2016FY2023

Operating margin

-2.4%

0.2% a year earlier

FY2016FY2023

Net income

-$310 million

FY2016FY2023

Diluted EPS

-$2.07

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	15,781	16,947	15,281	-6.9%
Cost of revenue	11,848	12,663	10,189	-6.4%
Gross profit	3,933	4,284	5,092	-8.2%
Gross margin	24.9%	25.3%	33.3%
Research and development	362	357	276	+1.3%
Selling, general and administrative	3,282	3,356	3,193	-2.2%
Operating income	-376	37.9	1,587
Operating margin	-2.4%	0.2%	10.4%
Interest expense	559	338	185	+65.3%
Pre-tax income	-376	37.9	1,587
Income tax	-94.0	-132	55.1
Effective tax rate	n/a	-349.3%	3.5%
Net income	-310	1,062	1,689
Net margin	-2.0%	6.3%	11.1%
Diluted EPS	-$2.07	$6.76	$10.16

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	1,191	-1,460	663
Capital expenditure	339	530	519	-36.1%
Free cash flow	853	-1,990	144
Free cash flow margin	5.4%	-11.7%	0.9%
Cash from investing	-328	3,573	-2,624
Cash from financing	-816	-1,971	919
Depreciation and amortisation	432	370	374	+17.0%
Share-based compensation	83.8	90.7	118	-7.6%
Buybacks	16.1	2,323	34.3	-99.3%
Dividends paid	483	466	475	+3.6%
Dividend per share	$3.22	$3.18	$2.98	+1.3%
Diluted shares, weighted	150m	157m	165m	-4.3%
Shares outstanding at period end	154m	153m	163m	+0.4%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	9,056	9,712	11,590	-6.8%
Non-controlling interest	0.0	2.1	1.9
Debt	7,177	7,457	6,596	-3.8%
Other liabilities	7,431	7,792	9,992	-4.6%
Total liabilities and equity	23,664	24,963	28,180	-5.2%
Fixed assets	2,170	2,353	2,337	-7.8%
Goodwill	7,996	8,503	8,591	-6.0%
Cash and equivalents	449	396	142	+13.6%
Inventory	4,739	5,861	5,420	-19.2%
Other assets	8,310	7,851	11,690	+5.8%
Total assets	23,664	24,963	28,180	-5.2%

10-K for the year ended 30 December 2023, filed 27 February 2024: the filing.